Midday movers: Nvidia, Deckers rise; Intuit, Workday fall

May 24, 2024 8:02 AM EDT

(Updated - May 24, 2024 11:43 AM EDT) -- U.S. stock futures traded higher Friday, bouncing after the previous session sharp losses on fears that interest rates will stay at elevated levels for longer than expected.

Here are some of the biggest U.S. stock movers today:

Nvidia (NASDAQ: NVDA) stock rose 0.6%, adding to the chipmaker’s 9% gains on Thursday after its blowout first quarter earnings, following a report by Reuters saying it has been pushed into selling artificial intelligence chips in China at heavy discounts due to stiff competition from local players.

Intuit (NASDAQ: INTU) stock fell 8.5% as investors fretted over a loss of free users at its all-important TurboTax tax-preparation service.

Tesla (NASDAQ: TSLA) stock rose 2.5% despite industry data suggesting the EV manufacturer has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March.

Workday (NASDAQ: WDAY) stock slumped 14% after the human resources software provider cut its annual subscription revenue forecast.

Boeing (NYSE: BA) stock rose 0.6%, with the aircraft manufacturer rebounding after slumping over 7% on Thursday after it disclosed that it has not made recent aircraft deliveries to China due to a request from the country's aviation regulator for additional certification documents, which is set to hit its second-quarter cash flow.

Deckers Outdoor (NYSE: DECK) stock rose 13% after the athletic shoes retailer reported strong quarterly sales growth, boosted by demand for its HOKA and UGG brands.

Lucid Group (NASDAQ: LCID) stock fell 3% after the EV maker said it would reduce its workforce by 6%, or around 400 employees, as the industry grapples with slower growth.

Ross Stores (NASDAQ: ROST) rose 6% after the retailer issued first quarter EPS that beat consensus and raised full year guidance. First quarter sales were in line with guidance despite macroeconomic headwinds that continued to pressure customers’ discretionary spending, management said.

Dell Technologies (NYSE: DELL) rose 7%, adding to recent gains as Wall Street grows increasingly bullish. Shares climbed over 30% in the past month.

Additional reporting by Louis Juricic

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